Malaysia-based automotive marketplace Carsome is seeking new funding, according to CEO Eric Cheng.

The company was valued at $1.7 billion U.S. in a fundraising round in early 2022, and Cheng maintains that while it is ready for an IPO, it is not in any hurry to list.

“We haven’t really set a right timeline or window, and we need exchanges that appreciate the business that we’re building. We need that exchange to be able to also provide enough liquidity,” he said.

Founded in 2015, Carsome operates in Malaysia, Indonesia, Thailand and Singapore.

In May this year, it was awarded one of Malaysia’s first digital banking licenses, as part of a consortium led by KAF Investment Bank.

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